Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> , aims to raise around US$500m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the positive aspects of the deal.


Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.</li><li>The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.</li><li>These companies are committed to ramping up spending to remain competitive at the AI front line</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.These companies are committed to ramping up spending to remain competitive at the AI front lineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

<ul>
<li>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Duolingo reported stronger than expected 3QFY23 results, including revenues of $137.6M (consensus: $132.2M) and net income of $2.8M. The company raised guidance for FY23 revenues and total bookings. </li>
<li>Stock indicated up ~9% after hours. Duolingo beat all key estimates. However, ABPDAU declined to $25.38, while net new ARR growth will slow in 4Q and the next fiscal year. </li>
<li>With a market cap of ~$8.2B on a fully diluted basis, Duolingo shares trade at ~14x and ~11x EV/Rev on my respective FY23/FY24 estimates, a significant premium to comparable companies.</li>
</ul>


Duolingo reported stronger than expected 3QFY23 results, including revenues of $137.6M (consensus: $132.2M) and net income of $2.8M. The company raised guidance for FY23 revenues and total bookings. 
Stock indicated up ~9% after hours. Duolingo beat all key estimates. However, ABPDAU declined to $25.38, while net new ARR growth will slow in 4Q and the next fiscal year. 
With a market cap of ~$8.2B on a fully diluted basis, Duolingo shares trade at ~14x and ~11x EV/Rev on my respective FY23/FY24 estimates, a significant premium to comparable companies.


Duolingo: Rich Valuation and Limited Upside Despite Better Than Expected 3QFY23 Results

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments, as well as momentum in Cloud services.</li><li>The goal is to provide more diverse information and multiple perspectives in search results while incorporating ads.</li><li>The company enables developers and organizations to build transformative products and services, mainly through Google Cloud, which witnessed continued growth, showcasing innovations in infrastructure, data, AI, workspace collaboration, and cybersecurity solutions.</li></ul>

Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments, as well as momentum in Cloud services.The goal is to provide more diverse information and multiple perspectives in search results while incorporating ads.The company enables developers and organizations to build transformative products and services, mainly through Google Cloud, which witnessed continued growth, showcasing innovations in infrastructure, data, AI, workspace collaboration, and cybersecurity solutions.

Alphabet Inc: Cloud Innovations – A Glimpse into the Future of Tech! - Major Drivers

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing. In this note we talk about the positive aspects...

Sumeet Singh

Technology (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &...

CMB International

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

Duolingo: Rich Valuation and Limited Upside Despite Better Than Expected 3QFY23 Results

My analysis suggests that Duolingo stock is overvalued, and the market has already priced in the organic 30%+ y/y growth along with improving...

Andrei Zakharov

Alphabet Inc: Cloud Innovations – A Glimpse into the Future of Tech! - Major Drivers

Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments,...

Baptista Research

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